ARTICLE · 24 JANUARY 2025

RegRally Insights: Consumer Protection Regulation – September 2024

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Recap enforcement actions and preview upcoming deadlines and events with a newsletter on competition law and consumer protection powered by ECOVIS ProventusLaw.

LithuaniaConsumer Protection

Inga Karulaityte-Kvainauskienė

Recap enforcement actions and preview upcoming deadlines and events with a newsletter on competition law and consumer protection powered by ECOVIS ProventusLaw.

Bank of Lithuania Enhances Guidelines for Payment Cancellation and Tracing Procedures

The Bank of Lithuania has issued new guidelines addressing the challenges and misunderstandings that often arise between financial institutions and fraud victims regarding payment cancellation and tracing procedures. The key focus is to improve clarity and responsiveness when handling customer requests.

Key Recommendations:

1. Prompt Responses: Financial institutions should act quickly on customer requests to cancel payments to enhance customer trust and satisfaction.

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